Assume wife enters nursing home at the time that spousal resources are $400,000.00. The community spouse resource allowance is $109,560.00 and the spouse's protected amount is assumed to be $2,000.00. The parties are renting an apartment.
Further assume that after the applicant enters a nursing home, the community spouse purchases a condominium for $250,000.00. The protected amount is approximately $360,000.00. Therefore, the spenddown is $40,000.00
The spenddown can consist of pre-paid funeral arrangements for spouses of $20,000.00, two months deposit of nursing home of approximately $20,000.00, attorney's fees and justifiable expenses on the home.
The community spouse could sell the home after the applicant receives Medicaid (see Post 11).
Therefore, Medicaid eligibility could be almost immediate with a savings of approximately $360,000.00 for the community spouse.
Disclaimer: This article does not constitute legal advice and each person may have unique facts for which legal consultation may be necessary.
© June 2011, Post 151
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